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Quantum inks formal deal to acquire lithium property in Manitoba

QuantumResources Ltd. said July 19 that it has completed the due diligenceand entered formal agreements to acquire Manitoba Minerals Pty. Ltd., which holds rights to earnup to 95% stake in the Thompson Brothers lithium property in Manitoba.

The completion of the acquisition is conditional uponManitoba Minerals acquiring necessary approvals, formalizing its rights to theproject under a heads of agreement with Ashburton Ventures Inc., as well as the companycompleting a share subscription to satisfy conditions under the project'soption agreement withStrider ResourcesLtd., and a capital raising of A$400,000.

These conditions must be satisfied by Aug. 31.

In addition, the ASX-listed company is finalizing aA$400,000 loan facility, which is expected to be completed in coming days.

The amount will be used to repay lenders by issuingfully-paid ordinary shares at 2 cents each. Each share comes with afree-attaching option exercisable at 3.25 cents by Nov. 17, 2018.

The loan carries an annual 10% interest rate.